topic Re: The GREAT CC Payoff Challenge!! in Credit Cards

The GREAT CC Payoff Challenge!!

Pupeitmeister — Wed, 01 Jan 2014 03:08:52 GMT

For those of you in the GC, You may have noticed I challenged another member to pay off 11k in CC debt before February of 2015.

The Stakes are changing.

I challenge EVERYONE that wishes to accept the challenge to Use this thread as a motivation to reduce your CC debt or Utilization.

Please do not include Mortgage or Auto Loans in this thread, as this is just for revolving accounts.

Please do include, creditor, current interest rate, total CL, amount owed, etc etc. Any information you feel like sharing in regards to your credit card uti/balances.

For those that are more experienced, feel free to offer suggestions on easier ways or faster methods of paying down this debt. Our ultimate goal is to see who can pay off the highest percentage of their personal CC debt before the end of the year.

I challenge you all to join in, and lets have some FUN motivating each other to reduce our UTI and Payoff our debt!!

Re: The GREAT CC Payoff Challenge!!

Anonymous — Wed, 01 Jan 2014 03:10:09 GMT

this is one challenge that I hope every one wins!

Re: The GREAT CC Payoff Challenge!!

Pupeitmeister — Wed, 01 Jan 2014 03:22:29 GMT

And I will post first. I know i have a LOT of work to do to get this looking good. But by bearing my faults, I can and will grow stronger in my goals to be responsible with my CC usage!

As of January 1, 2014:

#	Issuer	Credit	Current	Available	Credit	APR	Monthly
		Limit	Balance	Credit	Utilized		Interest

	Overall totals:	$30,400	$12,316	$18,084	40.5%		$110

1-	Capital One	$1,000	$966	$34	96.6%	22.90%	$18
2-	Walmart	$1,200	$1,020	$180	85.0%	22.90%	$19
3-	Sams	$4,900	$2,703	$2,197	55.2%	22.90%	$52
4-	Carecredit	$3,000	$0	$3,000		0.00%
7-	Dell	$2,500	$1,700	$800	68.0%	0.00%
9-	Chase Freedom	$4,800	$4,753	$47	99.0%	0.00%
12-	NFCU Signature Cash Rewards	$5,000	$543	$4,457	10.9%	15.65%	$7
13-	NFCU Platinum Mastercard	$5,000	$0	$5,000		16.99%	$0
5-	Lowes	$3,000	$631	$2,369	21.0%	24.90%	$13

Re: The GREAT CC Payoff Challenge!!

myjourney — Wed, 01 Jan 2014 03:25:07 GMT

I'm at 1% now can't go any further

I'll be the odd ball in the thread

I'm increasing to 2% to see if I get a scoring bump

Re: The GREAT CC Payoff Challenge!!

wHiTeSoL — Wed, 01 Jan 2014 03:33:03 GMT

Awesome idea! Keep me honest guys! All 0% BTW

Cards Balance Due Date Limit

AMEX BCE	$3,177.69	15th	$6000
Barclay Lufthansa	$6,051.70	19th	$9000
OCCU	$4,749.50	21st	$12000

Total $13,978.89

Goal August 2014 (Due date for first child!)

Re: The GREAT CC Payoff Challenge!!

Anonymous — Wed, 01 Jan 2014 03:48:37 GMT

@wHiTeSoL wrote:
Awesome idea! Keep me honest guys! All 0% BTW

Cards Balance Due Date Limit

AMEX BCE $3,177.69 15th $6000
Barclay Lufthansa $6,051.70 19th $9000
OCCU $4,749.50 21st $12000
Total $13,978.89
Goal August 2014 (Due date for first child!)

How exciting!! Congratulations!!

Re: The GREAT CC Payoff Challenge!!

Anonymous — Wed, 01 Jan 2014 04:09:25 GMT

So much debt.... scares me hahaha!

Re: The GREAT CC Payoff Challenge!!

Anonymous — Wed, 01 Jan 2014 05:01:29 GMT

This is painful to look at it but some progress down from 72% UTIL to 59% in the 30+ days I have been with MyFico..

Issuer Balance Limit UTIL APR

PP/SMCT $933 $1000 93% 26.99%

Barclay/NFL $310 $500 62% 0% Currently until 1/2014

KOHLS $0 $300 0% 21.9%

AMA/STORE $0 $600 0% 25.99%

SHELL $435 $500 87% 24.99%

WALMART $533 $600 89% 23.9%

MERRICK $1743 $1900 91% 24.2%

FINGERHUT $407 $2100 19% 24.9

CHEVRON $0 $500 0% ? Never used it no statements ever generated

CAP 1 $330 $500 66% 22.4%

KAY $0 $1000 0% 18%

MILESTONE $0 $300 0% 23.9%

DISCOVER $2900 $3000 97% 0% For 13 more months

TOTALS $7591 $12800 59%

Re: The GREAT CC Payoff Challenge!!

goal_digger — Wed, 01 Jan 2014 04:42:30 GMT

Count me in! I'll have to calculate my current util but I know it's in the 55-65% range. I lost my job and have had to pay bills with credit cards. But, I refuse to let a minor setback keep me from maintaining the credit profile I've worked so hard to build.

Thanks OP for this timely challenge!

Re: The GREAT CC Payoff Challenge!!

Pupeitmeister — Wed, 01 Jan 2014 04:45:07 GMT

@pembrokepride Awesome!.. Glad you have made progress!.. Lets keep working on this as a team, and support each other to continue to make progress!

@ everyone else:

Sometimes it takes the "painful to look at it" approach for us to correct something that may turn into a mistake. I felt the same way looking at mine. We are here through the good times and the bad... so lets rock it !!

Re: The GREAT CC Payoff Challenge!!

Pupeitmeister — Wed, 01 Jan 2014 04:46:41 GMT

@goal_digger wrote:
Count me in! I'll have to calculate my current util but I know it's in the 55-65% range. I lost my job and have had to pay bills with credit cards. But, I refuse to let a minor setback keep me from maintaining the credit profile I've worked so hard to build.

Thanks OP for this timely challenge!

We look forward to you joining the ranks. Unemployment is never an easy thing to deal with. We can accomplish anything when we set our minds to it.!..

Re: The GREAT CC Payoff Challenge!!

Anonymous — Wed, 01 Jan 2014 04:49:31 GMT

@Pupeitmeister wrote:
@Anonymous Awesome!.. Glad you have made progress!.. Lets keep working on this as a team, and support each other to continue to make progress!

@ everyone else:

Sometimes it takes the "painful to look at it" approach for us to correct something that may turn into a mistake. I felt the same way looking at mine. We are here through the good times and the bad... so lets rock it !!

X2 Lets rock in 2014!!!

Re: The GREAT CC Payoff Challenge!!

wHiTeSoL — Wed, 01 Jan 2014 04:56:31 GMT

@wHiTeSoL wrote:
Awesome idea! Keep me honest guys! All 0% BTW

Cards Balance Due Date Limit

AMEX BCE $3,177.69 15th $6000
Barclay Lufthansa $6,051.70 19th $9000
OCCU $4,749.50 21st $12000
Total $13,978.89
Goal August 2014 (Due date for first child!)

First little chip, i have an extra $2500 to throw at this today, where should it go?

Re: The GREAT CC Payoff Challenge!!

Pupeitmeister — Wed, 01 Jan 2014 05:10:22 GMT

@wHiTeSoL wrote:
@wHiTeSoL wrote:
Awesome idea! Keep me honest guys! All 0% BTW

Cards Balance Due Date Limit

AMEX BCE $3,177.69 15th $6000
Barclay Lufthansa $6,051.70 19th $9000
OCCU $4,749.50 21st $12000
Total $13,978.89
Goal August 2014 (Due date for first child!)
First little chip, i have an extra $2500 to throw at this today, where should it go?

based on what you posted:

Barclay is at 67.24%

Amex is at 52.96%

OCCU is at 39.58 %

If you want maximum scoring I would split that 2500 between the barclay and the amex, but if you are just looking to zero them out, I would pick the highest interest charging card and pop all of it to that.

If any of them is on a 0% I would just pay the min on that card, and sock it to the other ones first, that youa re paying interest on each month. As soon as they are paid off i would "snowball" the payment into the next one that has an interest charge.

Ultimately the choice is yours to make, but anytime you can save money you will be able to lock it in longer. and if you are not planning on Apping for anything new for a bit, UTI doesn't really come into play as much as saving money on the interest.... Just my $.02

Re: The GREAT CC Payoff Challenge!!

Anonymous — Wed, 01 Jan 2014 05:29:39 GMT

Fun! I plan to have all of this paid by Jan-Feb 2015 as well.

Amex BCE: 10k limit, 7k balance, 0% intro period until 3/2015
Best Buy: 4.5k limit, 2k balance, 0% for 18 months, expiring in about 11 months.

And all other balances I have will be PIF by the end of each month.

Re: The GREAT CC Payoff Challenge!!

wHiTeSoL — Wed, 01 Jan 2014 05:36:21 GMT

@Pupeitmeister wrote:
@wHiTeSoL wrote:
@wHiTeSoL wrote:
Awesome idea! Keep me honest guys! All 0% BTW

Cards Balance Due Date Limit

AMEX BCE $3,177.69 15th $6000
Barclay Lufthansa $6,051.70 19th $9000
OCCU $4,749.50 21st $12000
Total $13,978.89
Goal August 2014 (Due date for first child!)
First little chip, i have an extra $2500 to throw at this today, where should it go?
based on what you posted:

Barclay is at 67.24%
Amex is at 52.96%
OCCU is at 39.58 %

If you want maximum scoring I would split that 2500 between the barclay and the amex, but if you are just looking to zero them out, I would pick the highest interest charging card and pop all of it to that.

If any of them is on a 0% I would just pay the min on that card, and sock it to the other ones first, that youa re paying interest on each month. As soon as they are paid off i would "snowball" the payment into the next one that has an interest charge.

Ultimately the choice is yours to make, but anytime you can save money you will be able to lock it in longer. and if you are not planning on Apping for anything new for a bit, UTI doesn't really come into play as much as saving money on the interest.... Just my $.02

@Everything is @0% with atleast 12 months left. I think priority is going to go to Barclay, overall UTI is still only 9% so I'm not worried.

Re: The GREAT CC Payoff Challenge!!

Anonymous — Wed, 01 Jan 2014 06:53:26 GMT

You guys are doing great and coming up with plans! keep it up!

Re: The GREAT CC Payoff Challenge!!

09Lexie — Wed, 01 Jan 2014 06:51:36 GMT

The point of this thread is to be supportive and come up with 'fun' ways to pay off debt -whether it's from 0% APRs or carrying balances on non-promo cc's.

Let's not be judgmental and ask why? Instead, if posters are willing to admit they may have over spent or just want to reassure they've budgeted accordingly- this is the place to admit they need help.

Thank you ~Lexie

Re: The GREAT CC Payoff Challenge!!

_jb_ — Wed, 01 Jan 2014 17:09:35 GMT

Great thread. I don't have any debt currently, so I cannot participate in that aspect. However, I highly (highly!) recommend the debt reduction calculator at this link (Excel spreadsheet):

http://www.vertex42.com/Calculators/debt-reduction-calculator.html

Input your debts, APR, and minimum payment, and then play with the different options it gives you to pay them down (snowball, avalanche, highest or lowest balance first, etc.). You can see how much interest you will pay (or save) with different strategies, and a timeframe for when the debt will be paid off based on minimum payments, additional payments, and lump sums (the spreadsheet calls them snowflakes I think).

That site also has great budget spreadsheets, etc. too that might be of help to avoid CC debt going forward (I don't mean that as a slight - here to help!).

Re: The GREAT CC Payoff Challenge!!

Anonymous — Wed, 01 Jan 2014 18:40:56 GMT

@_jb_ wrote:
Great thread. I don't have any debt currently, so I cannot participate in that aspect. However, I highly (highly!) recommend the debt reduction calculator at this link (Excel spreadsheet):

http://www.vertex42.com/Calculators/debt-reduction-calculator.html

Input your debts, APR, and minimum payment, and then play with the different options it gives you to pay them down (snowball, avalanche, highest or lowest balance first, etc.). You can see how much interest you will pay (or save) with different strategies, and a timeframe for when the debt will be paid off based on minimum payments, additional payments, and lump sums (the spreadsheet calls them snowflakes I think).

That site also has great budget spreadsheets, etc. too that might be of help to avoid CC debt going forward (I don't mean that as a slight - here to help!).

Very nice. Thank you!